Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 21, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | SecureTech Innovations, Inc. | |
Entity Central Index Key | 0001703157 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 170,003,000 | |
Document Fiscal Year Focus | 2019 | |
Entity Transition Period | false | |
Entity Emerging Growth Company | true | |
Entity Small Business | true |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and equivalents | $ 150,467 | $ 195,900 |
Total current assets | 150,467 | 195,900 |
Total assets: | 150,467 | 195,900 |
Current liabilities: | ||
Accounts Payable | 100 | 100 |
Total current liabilities | 100 | 100 |
Total liabilities | 100 | 100 |
Stockholders' equity (deficit): | ||
Preferred stock, $0.001 par value, 50,000,000 shares authorized | ||
Common stock, $0.001 par value, 500,000,000 shares authorized; 170,003,000 and 172,503,000 shares issued and outstanding, respectively | 170,003 | 172,503 |
Additional paid-in capital | 247,088 | 244,588 |
Accumulated deficit | (266,724) | (221,291) |
Total stockholders' equity (deficit) | 150,367 | 195,800 |
Total liabilities and stockholders' equity (deficit) | $ 150,467 | $ 195,900 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 50,000,000 | 50,000,000 |
Preferred stock, issued | ||
Preferred stock,outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 500,000,000 | 500,000,000 |
Common stock, issued | 170,003,000 | 172,503,000 |
Common stock,outstanding | 170,003,000 | 172,503,000 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Expenses: | ||||
General and administrative | $ 6,396 | $ 7,079 | $ 13,599 | $ 33,473 |
Accounting fees | 1,400 | 1,300 | 6,100 | 7,200 |
Consulting fees | 4,499 | 5,667 | 15,381 | 31,167 |
Legal fees | 274 | 275 | 2,393 | 78,620 |
Research and development | 7,960 | 7,960 | ||
Total operating expenses | 20,529 | 14,321 | 45,433 | 150,460 |
(Loss) from operations | (20,529) | (14,321) | (45,433) | (150,460) |
Other income (expense): | ||||
Provision for income taxes | ||||
Net (loss) | $ (20,529) | $ (14,321) | $ (45,433) | $ (150,460) |
(Loss) per common share, basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding, basic and diluted | 170,003,000 | 190,003,000 | 170,616,553 | 189,691,107 |
Shareholders Equity
Shareholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Shares at Dec. 31, 2017 | 183,048,000 | |||
Beginning Balance, Amount at Dec. 31, 2017 | $ 183,048 | $ 25,393 | $ (52,824) | $ 155,617 |
Issuance of common shares for cash, Shares | 6,755,000 | |||
Issuance of common shares for cash | $ 6,755 | 195,895 | 202,650 | |
Issuance of common shares for services, Shares | 200,000 | |||
Issuance of common shares for services | $ 200 | $ 5,800 | ||
Cancellation of common shares, Shares | (17,500,000) | |||
Cancellation of common shares | (17,500) | 17,500 | ||
Net loss | (168,467) | |||
Ending Balance, Shares at Dec. 31, 2018 | 172,503,000 | |||
Ending Balance, Amount at Dec. 31, 2018 | $ 172,503 | $ 244,588 | (221,291) | 195,800 |
Issuance of common shares for services | ||||
Cancellation of common shares, Shares | (2,500,000) | |||
Cancellation of common shares | (2,500) | 2,500 | ||
Net loss | (45,433) | $ (45,433) | ||
Ending Balance, Shares at Sep. 30, 2019 | 170,003,000 | |||
Ending Balance, Amount at Sep. 30, 2019 | $ 170,003 | $ 247,088 | $ (266,724) | $ 150,367 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net (loss) | $ (45,433) | $ (150,460) |
Issuance of common shares for services | 6,000 | |
Net cash used in operating activities | (45,433) | (144,460) |
Cash flows from financing activities: | ||
Issuance of common stock for cash | 202,650 | |
Net cash provided by financing activities | 202,650 | |
Net increase (decrease) in cash | (45,433) | 58,190 |
Cash- beginning of period | 195,900 | 155,617 |
Cash- end of period | 150,467 | 213,807 |
Supplemental disclosure of cash flow information: | ||
Share cancellation | $ 2,500 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – Summary of Significant Accounting Policies Organization SecureTech Innovations, Inc. (“ Company SecureTech SecureTech is an emerging growth company focused on developing and marketing personal and automobile security and safety devices and technologies. Through a licensed patent SecureTech has developed its initial product, Top Kontrol, which we believe to be the only anti-theft and personal safety automobile device that can thwart a carjacking attempt without any action by the driver. Whereas our competitors’ products are engineered to flash lights and sound loud alarms when someone is tampering with a parked and unoccupied automobile, our Top Kontrol product is engineered to turn off the engine and completely disable the vehicle should someone other than the authorized driver attempt to drive the vehicle. Through its advanced design and use of a licensed patent, Top Kontrol can tell the difference between an authorized driver and an unauthorized thief or carjacker through the use of strategically placed sensors in the automobile and a unique FOB device hidden on the authorized driver’s person. Regardless of whether someone tries to steal your vehicle while it is innocently idling unattended in the parking lot or take it by force at gunpoint, Top Kontrol will only allow the unauthorized driver to drive for 15-20 seconds before automatically turning the engine off and preventing any attempt to restart the engine. This prevents the thief from stealing your car and/or allows the driver sufficient time to run to safety after being threatened at gunpoint. SecureTech is not aware of any other product on the market that solves the carjacking problem in the manner of Top Kontrol. Because Top Kontrol is connected to the automobile’s ignition and lighting systems, it must be installed and serviced by a licensed dealer. SecureTech has not initiated any commercial production runs with any contract manufacturer. All of the products we have manufactured to date have been prototype models for testing purposes only. SecureTech intends to initiate commercial production during the fourth quarter of fiscal 2019. Unaudited Interim Financial Information The unaudited condensed interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“ GAAP The balance sheet as of December 31, 2018 has been derived from audited financial statements. Operating results for the nine months ended September 30, 2019 are not necessarily indicative of results that may be expected for the year ending December 31, 2019. These condensed financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2018 filed with the Company’s Annual Report on Form 10-K with the Securities and Exchange Commission on February 19, 2019. Basis of Presentation The accompanying financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“ US GAAP SEC Use of Estimates The accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may vary from these estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of nine months or less to be cash equivalents. As of September 30, 2019, the Company had no cash equivalents. Fair Value of Financial Instruments ASC 820, “Fair Value Measurements” and ASC 825, Financial Instruments, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value: Level Description Level 1 Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The estimated fair values of the Company’s financial instruments as of September 30, 2019 are as follows: Fair Value Measurement at September 30, 2019 Using: Description 9/30/19 Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash and equivalents $ 150,467 $ 150,467 $ - $ - $ 150,467 $ 150,467 $ - $ - Liabilities Accounts payable $ 100 $ 100 $ - $ - $ 100 $ 100 $ - $ - The estimated fair values of the Company’s financial instruments as of December 31, 2018 are as follows: Fair Value Measurement at December 31, 2018 Using: Description 12/31/18 Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash and equivalents $ 195,900 $ 195,900 $ - $ - $ 195,900 $ 195,900 $ - $ - Liabilities Accounts payable $ 100 $ 100 $ - $ - $ 100 $ 100 $ - $ - Net Loss per Share Calculation Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per shares is computed similarly to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. SecureTech excludes all potentially dilutive securities from its diluted net loss per share computation since their effect would be anti-dilutive because SecureTech recorded a loss for the nine months ended September 30, 2019. Revenue Recognition Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the sale of service contracts by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. There was no impact on the Company’s financial statements as a result of adopting Topic 606 for nine months ended September 30, 2019 or on prior periods. Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740, Income Taxes. Under FASB ASC 740-10-25, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about its ability to realize the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. Fiscal Year The Company elected December 31st for its fiscal year-end. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases” Topic 842, which amends the guidance in former ASC Topic 840, Leases. The new standard increases transparency and comparability most significantly by requiring the recognition by lessees of right-of-use (“ROU”) assets and lease liabilities on the balance sheet for all leases longer than 12 months. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. For lessees, leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company adopted the new lease guidance effective January 1, 2019 using the modified retrospective transition approach, applying the new standard to all of its leases existing at the date of initial application which is the effective date of adoption. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. We elected the package of practical expedients which permits us to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. We did not elect the hindsight practical expedient which permits entities to use hindsight in determining the lease term and assessing impairment. The adoption of the lease standard did not change our previously reported consolidated statements of operations and did not result in a cumulative catch-up adjustment to opening equity. As of September 30, 2019, the adoption of the standard had no impact on the Company, as there were no leases in place longer than 12 months. There are various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 – GOING CONCERN The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements during the fiscal period ended September 30, 2019, the Company has not established a source of revenues sufficient to cover its operating costs, and as such, has incurred an operating loss since its inception. Further, as of September 30, 2019, the Company had an accumulated deficit of ($266,724). These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s existence is dependent upon management’s ability to develop profitable operations and to obtain additional sources of financing. There can be no assurance that the Company’s financing efforts will result in profitable operations or the resolution of the Company’s liquidity problems. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern. |
Stockholders Equity
Stockholders Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholders Equity | NOTE 3 – STOCKHOLDERS’ EQUITY Preferred stock The Company has authorized 50,000,000 shares of preferred stock, $0.001 par value. The Company’s Board of Directors is authorized, without further action by the shareholders, to issue shares of preferred stock and to fix the designations, number, rights, preferences, privileges and restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences and sinking fund terms. As of September 30, 2019, the Company had no classes and -0- shares of preferred stock issued and outstanding. Common stock The Company has authorized 500,000,000 shares of common stock, with a par value of $0.001 per share. During the three months ended September 30, 2019, the Company mutually rescinded a consulting agreement and subsequently canceled an aggregate of 2,500,000 shares of its common stock. As of September 30, 2019, the Company had 170,003,000 shares of common stock issued and outstanding. |
Related Parties Founder's Share
Related Parties Founder's Share Issuances | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties Founder's Share Issuances | NOTE 4 – RELATED PARTY FOUNDER’S SHARE ISSUANCES On March 2, 2017, the Company issued an aggregate of 175,000,000 shares of its common stock, $0.001 par value, as Founder’s Shares with $-0- value. Of these shares original Founder’s Shares 80,000,000 were issued to the Company’s officers, 75,000,000 to an entity controlled by one of the Company’s directors, and 20,000,000 to outside consultants who assisted with the Company’s formation and early organization. |
Contigency_Legal
Contigency/Legal | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contigency/Legal | NOTE 5 – CONTINGENCY/LEGAL As of September 30, 2019, and during the preceding ten years, no director, person nominated to become a director or executive officer, or promoter of the Company has been involved in any legal proceeding that would require disclosure hereunder. From time to time, the Company may become subject to various legal proceedings and claims that arise in the ordinary course of our business activities. However, litigation is subject to inherent uncertainties for which the outcome cannot be predicted. Any adverse result in these or other legal matters could arise and cause harm to the Company’s business. The Company currently is not party to any claim or litigation the outcome of which, if determined adversely to the Company, would individually or in the aggregate be reasonably expected to have a material adverse effect on the Company’s business. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 6 – SUBSEQUENT EVENTS No other material events or transactions have occurred during this subsequent event reporting period which required recognition or disclosure in the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Organization | Organization SecureTech Innovations, Inc. (“ Company SecureTech SecureTech is an emerging growth company focused on developing and marketing personal and automobile security and safety devices and technologies. Through a licensed patent SecureTech has developed its initial product, Top Kontrol, which we believe to be the only anti-theft and personal safety automobile device that can thwart a carjacking attempt without any action by the driver. Whereas our competitors’ products are engineered to flash lights and sound loud alarms when someone is tampering with a parked and unoccupied automobile, our Top Kontrol product is engineered to turn off the engine and completely disable the vehicle should someone other than the authorized driver attempt to drive the vehicle. Through its advanced design and use of a licensed patent, Top Kontrol can tell the difference between an authorized driver and an unauthorized thief or carjacker through the use of strategically placed sensors in the automobile and a unique FOB device hidden on the authorized driver’s person. Regardless of whether someone tries to steal your vehicle while it is innocently idling unattended in the parking lot or take it by force at gunpoint, Top Kontrol will only allow the unauthorized driver to drive for 15-20 seconds before automatically turning the engine off and preventing any attempt to restart the engine. This prevents the thief from stealing your car and/or allows the driver sufficient time to run to safety after being threatened at gunpoint. SecureTech is not aware of any other product on the market that solves the carjacking problem in the manner of Top Kontrol. Because Top Kontrol is connected to the automobile’s ignition and lighting systems, it must be installed and serviced by a licensed dealer. SecureTech has not initiated any commercial production runs with any contract manufacturer. All of the products we have manufactured to date have been prototype models for testing purposes only. SecureTech intends to initiate commercial production during the fourth quarter of fiscal 2019. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The unaudited condensed interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“ GAAP The balance sheet as of December 31, 2018 has been derived from audited financial statements. Operating results for the nine months ended September 30, 2019 are not necessarily indicative of results that may be expected for the year ending December 31, 2019. These condensed financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2018 filed with the Company’s Annual Report on Form 10-K with the Securities and Exchange Commission on February 19, 2019. |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“ US GAAP SEC |
Use of Estimates | Use of Estimates The accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may vary from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of nine months or less to be cash equivalents. As of September 30, 2019, the Company had no cash equivalents. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820, “Fair Value Measurements” and ASC 825, Financial Instruments, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value: Level Description Level 1 Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The estimated fair values of the Company’s financial instruments as of September 30, 2019 are as follows: Fair Value Measurement at September 30, 2019 Using: Description 9/30/19 Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash and equivalents $ 150,467 $ 150,467 $ - $ - $ 150,467 $ 150,467 $ - $ - Liabilities Accounts payable $ 100 $ 100 $ - $ - $ 100 $ 100 $ - $ - The estimated fair values of the Company’s financial instruments as of December 31, 2018 are as follows: Fair Value Measurement at December 31, 2018 Using: Description 12/31/18 Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash and equivalents $ 195,900 $ 195,900 $ - $ - $ 195,900 $ 195,900 $ - $ - Liabilities Accounts payable $ 100 $ 100 $ - $ - $ 100 $ 100 $ - $ - |
Net Loss per Share Calculation | Net Loss per Share Calculation Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per shares is computed similarly to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. SecureTech excludes all potentially dilutive securities from its diluted net loss per share computation since their effect would be anti-dilutive because SecureTech recorded a loss for the nine months ended September 30, 2019. |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the sale of service contracts by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. There was no impact on the Company’s financial statements as a result of adopting Topic 606 for nine months ended September 30, 2019 or on prior periods. |
Income Taxes | Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740, Income Taxes. Under FASB ASC 740-10-25, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about its ability to realize the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate |
Fiscal Year | Fiscal Year The Company elected December 31st for its fiscal year-end. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases” Topic 842, which amends the guidance in former ASC Topic 840, Leases. The new standard increases transparency and comparability most significantly by requiring the recognition by lessees of right-of-use (“ROU”) assets and lease liabilities on the balance sheet for all leases longer than 12 months. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. For lessees, leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company adopted the new lease guidance effective January 1, 2019 using the modified retrospective transition approach, applying the new standard to all of its leases existing at the date of initial application which is the effective date of adoption. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. We elected the package of practical expedients which permits us to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. We did not elect the hindsight practical expedient which permits entities to use hindsight in determining the lease term and assessing impairment. The adoption of the lease standard did not change our previously reported consolidated statements of operations and did not result in a cumulative catch-up adjustment to opening equity. As of September 30, 2019, the adoption of the standard had no impact on the Company, as there were no leases in place longer than 12 months. There are various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The estimated fair values of the Company’s financial instruments as of September 30, 2019 are as follows: Fair Value Measurement at September 30, 2019 Using: Description 9/30/19 Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash and equivalents $ 150,467 $ 150,467 $ - $ - $ 150,467 $ 150,467 $ - $ - Liabilities Accounts payable $ 100 $ 100 $ - $ - $ 100 $ 100 $ - $ - The estimated fair values of the Company’s financial instruments as of December 31, 2018 are as follows: Fair Value Measurement at December 31, 2018 Using: Description 12/31/18 Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash and equivalents $ 195,900 $ 195,900 $ - $ - $ 195,900 $ 195,900 $ - $ - Liabilities Accounts payable $ 100 $ 100 $ - $ - $ 100 $ 100 $ - $ - |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Fair Value Measurement (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and equivalents | $ 150,467 | $ 195,900 |
Total assets measured at fair value | 150,467 | 195,900 |
Accounts payable | 100 | 100 |
Total liabilities measured at fair value | 100 | 100 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and equivalents | 150,467 | 195,900 |
Total assets measured at fair value | 150,467 | 195,900 |
Accounts payable | 100 | 100 |
Total liabilities measured at fair value | 100 | 100 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and equivalents | ||
Total liabilities measured at fair value | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and equivalents | ||
Total liabilities measured at fair value |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (266,724) | $ (221,291) |
Stockholders Equity (Details Na
Stockholders Equity (Details Narrative) - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 50,000,000 | 50,000,000 |
Preferred stock, issued | ||
Preferred stock,outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 500,000,000 | 500,000,000 |
Common stock, issued | 170,003,000 | 172,503,000 |
Common stock,outstanding | 170,003,000 | 172,503,000 |
Common Stock [Member] | ||
Cancellation of common shares, Shares | 2,500,000 |
Related Parties Founder's Sha_2
Related Parties Founder's Share Issuances (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Sep. 30, 2019 | |
Common stock, par value | $ 0.001 | $ 0.001 |
Founders [Member] | ||
Date | March 2, 2017 | |
Issuance of Founders shares, Shares | 175,000,000 | |
Common stock, par value | $ 0.001 | |
Issuance of Founders shares, amount | $ 0 | |
Officers [Member] | ||
Issuance of Founders shares, Shares | 80,000,000 | |
Directors Company [Member] | ||
Issuance of Founders shares, Shares | 75,000,000 | |
Outside Consultant [Member] | ||
Issuance of Founders shares, Shares | 20,000,000 |